ArcelorMittal (NYSE:MT) Shares Gap Up – Time to Buy?

ArcelorMittal S.A. (NYSE:MT) gapped up before the market opened on Friday . The stock had previously closed at $24.00, but opened at $24.81. ArcelorMittal shares last traded at $24.85, with a volume of 379,702 shares traded.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Bank of America upgraded shares of ArcelorMittal from a “neutral” rating to a “buy” rating and increased their price target for the company from $30.00 to $32.90 in a research note on Thursday, November 14th. JPMorgan Chase & Co. downgraded shares of ArcelorMittal from an “overweight” rating to a “neutral” rating in a research note on Friday, October 11th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, ArcelorMittal currently has an average rating of “Moderate Buy” and a consensus target price of $31.17.

ArcelorMittal Stock Performance

The stock has a market capitalization of $20.39 billion, a P/E ratio of -17.65, a PEG ratio of 0.46 and a beta of 1.75. The stock’s 50-day simple moving average is $23.90 and its 200 day simple moving average is $23.69. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 0.59.

ArcelorMittal (NYSE:MT) last announced its earnings results on Thursday, November 7th. The basic materials company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. The business had revenue of $15.20 billion during the quarter, compared to the consensus estimate of $15.11 billion. ArcelorMittal had a negative net margin of 1.99% and a positive return on equity of 5.26%. ArcelorMittal’s revenue was down 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.10 EPS. Research analysts expect that ArcelorMittal S.A. will post 2.63 EPS for the current fiscal year.

Institutional Trading of ArcelorMittal

Several institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. increased its holdings in shares of ArcelorMittal by 89.6% during the fourth quarter. Geneos Wealth Management Inc. now owns 1,134 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 536 shares during the period. GAMMA Investing LLC grew its position in ArcelorMittal by 68.5% during the fourth quarter. GAMMA Investing LLC now owns 1,464 shares of the basic materials company’s stock worth $34,000 after buying an additional 595 shares in the last quarter. Park Avenue Securities LLC bought a new position in ArcelorMittal during the 4th quarter worth $212,000. Rhumbline Advisers increased its stake in ArcelorMittal by 6.8% during the 2nd quarter. Rhumbline Advisers now owns 9,633 shares of the basic materials company’s stock worth $221,000 after acquiring an additional 610 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new position in ArcelorMittal in the 4th quarter valued at $233,000. 9.29% of the stock is currently owned by institutional investors.

ArcelorMittal Company Profile

ArcelorMittal SA, together with its subsidiaries, operates as integrated steel and mining companies in the United States, Europe, and internationally. It offers semi-finished flat products, including slabs; finished flat products comprising plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products consisting of bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.